As A Level students prepare for their exams, MoneySmartWorld is urging parents to start preparing their teens for independence with financial education. Every year hundreds of thousands of first year students head to their chosen university and for many budgeting will be a struggle as they get to grips with being financially independent for often the first time.
With student maintenance loans paid out in instalments at the beginning of each term, budgeting is an essential skill for students that don’t want to be eating the stereotype cut price noodles after a few weeks or racking up more debt. A survey1 found that eight in ten students worry about money and, in 56% of cases, grades suffer as a result. What’s more, a quarter have never budgeted in their lives and four in five said they wished they’d had received better financial education.
Marianne Lewis, Founder of MoneySmartWorld said, “Heading off to university is exciting and filled with things to learn, not least how to manage your money. For many teens, it’s the first time they’ve been responsible for paying their rent or doing their own food shopping. Without the skills they need to budget, it can mean some students rely on overdrafts, credit cards, or the bank of mum and dad when the cash runs out. By taking some time to go over basic money skills, parents can equip their children with the vital financial knowledge they need for university and beyond.”
For teens preparing for university, MoneySmartWorld advises parents to take a practical approach to financial education that’s easy to apply to everyday routines. From working out a budget to tracking income and outgoings, basic financial processes can make a big difference for students as the responsibility of spending is placed in their hands.
MoneySmartWorld is an organisation that aims to tackle the lack of financial education in schools by providing high quality, cost-effective resources, complemented with products that can be used at home. To bring its exciting new products to the market, the brand has launched a crowdfunding campaign, giving backers an opportunity to be among the first to get their hands on the Money Smart Gang series aimed at primary school kids.
To find out more visit moneysmartworld.com/.